Moody's assigned a Baa3 issuer rating to Americold Realty Trust's operating unit, Americold Realty Operating Partnership LP, with a stable outlook.
The rating agency said the action takes into account the temperature-controlled warehouse operator's market-leading position and its diversified global portfolio of specialized assets. Moody's noted that Americold has a limited track record as a public company, which the rating agency said is a credit negative that is somewhat counterbalanced by a strong management team.
Americold's credit profile benefits from stable albeit modest recurring revenues and solid leverage and coverage metrics compared with similarly rated companies for the 12-month period ended June 30.
The stable outlook is based on the rating agency's expectation that Americold will see sustained growth and continue to pursue a conservative and leverage-neutral capital strategy.
